Open: London Session | Forex, Metals, Oil, Agriculture August 31, 2020



They increased their net long position in arabica coffee by 5,692 contracts for a total net long bet of 22,218 contracts, CFTC data showed. Speculators increased their net long position in raw sugar by adding 9,290 contracts for a total long of 136,546 contracts. Farm ministry data shows growers sowed 108.2 million hectares (267.4 million acres) with crops such as rice, corn, cotton, soybeans and sugarcane. Crop prospects in the United States have been clipped by dry weather, though export demand for U.S. corn and soybeans is booming.
Prices for rice, soybean and corn have risen recently in the domestic market.


Dollar indexThe dollar index lost nearly 1 per cent last week as it ended at 92.37 against prior week’s close of 93.25. As the Release notes, most of the 2020Q1 changes in assets and liabilities is driven by stock price changes, and dollar valuation changes. A weak dollar is good for the rupee.Trade strategy After opening higher, the rupee seems to be softening a bit.


It aims to treat the ailment by reloading Copper Histidinate, repairing copper homeostasis, and retaining serum copper levels in the normal age appropriate range. It has been manufactured to offer improved tolerability due to physiological pH and to circumvent the oral absorption of copper, which is diminished in patients suffering from Menkes disease. Cyprium Therapeutics is mainly engaged in developing therapies for treating Menkes disease and related copper metabolism disorders.
But the value of gold holding dipped by $0.3 billion to $37.3 billion. However, gold is down nearly 0.2% so far this month. CUTX-101 is a subcutaneous injectable formulation of Copper Histidinate.


In OPEC’s latest “Monthly Oil Market Report,” it expects oil demand to reach 90.6 million barrels per day in 2020 and 97.6 million barrels per day in 2021. Months before the coronavirus appeared, one former oil CEO calculated that the shale oil and gas industry has destroyed 80 percent of the capital entrusted to it since 2008. As oil prices creep up, oil stocks should begin to show some signs of life. Even one of the most ardent oil industry promoters of shale oil and gas development said earlier this year that North Dakota’s most productive days are over.
Not only is the oil industry in North Dakota suffering, but all those contractors who service the oil industry. The overall mood toward oil and oil stocks is pessimistic. The boom that ensued has now turned to bust as oil prices sagged in 2019 and then went into free fall with the spread of the coronavirus pandemic. Oil output has also collapsed as the number of new wells needed to keep total production from these short-lived wells from shrinking has declined dramatically as well.
The collapse of oil demand in 2020 due to a huge contraction in the world economy associated with the pandemic has increased the pace of bankruptcies. Many pundits and forecasters expect a continued strengthening of oil demand.

United States

I continue to view MTS as a conservative dividend stock for investors who are not willing to join the hype train of the US stock market. The Wall Street Journal article “Exxon’s (NYSE:XOM) Departure From Dow Highlights Market’s Retreat From Energy Bets” (subscription required) highlights how far energy companies have fallen out of favor. Not all movement in the market is meaningful and it’s easy to get so caught up in short-term ups and downs that we end up trading randomness.
Brad Setser interpreted the trend in recent years as the US behaving like a household taking out a home equity loan…I don’t have one of those myself. From the March lows through recent highs, the S&P 500 is up 60 percent, the Nasdaq 100 77 percent and the Russell 2000 66 percent. Instead of condemning violent leftists such as Antifa, Biden instead blamed Trump for “recklessly encouraging violence” and failing to “lower the temperature.” Biden’s comments – echoed by his running mate Kamala Harris, come after a suspected self-admitted member of Antifa murdered a Trump supporter Saturday night in Portland.
TikTok Speaking of those tensions, China’s government isn’t going to make it easy for President Donald Trump to force the sale of the U.S. operations of short-video app TikTok.
Trump tweeted hours later, adding ” Remember, he can’t lose the Crazy Bernie Super Liberal vote!” It was only to be about detrimental media/Wall Street malpractice and hype that worked to disadvantage those who consumed it.